CBN launches DocFlow, MDAs naira payment solutions

As part of the ongoing “Digital First” transformation initiative launched by Governor Olayemi Cardoso in December 2023, the Central Bank of Nigeria (CBN), introduced two digital initiatives—the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution—at the Bank’s headquarters in Abuja.
According to a press statement released today, Cardoso emphasised the pivotal role of the DocFlow system in transforming document management processes within the Bank. Designed to digitise operations, the system will significantly reduce paper dependency, and streamline approval workflows, thereby fostering operational efficiency.
As for the MDAs Naira Payment Solution, Cardoso highlighted the tool as critical in automating cash withdrawal processes for MDAs. Thus, it is set to improve service delivery and enhance client support.
Governor Cardoso lauded the in-house development of both solutions, underlining the cost savings and commitment to fostering sustainability through technological advancements.
Still at the event, Deputy Governor of Operations, Emem Usoro, noted that the launch is a testament to the Bank’s drive for innovation and operational excellence.
Going further, Usoro outlined the benefits of the MDAs naira payment Solution, which includes enhanced service delivery, reduced errors, and strengthened safeguards against fraud.
Noted in the press statement also are the insights given by Acting Director of the CBN’s Information Technology Department, Mrs Jide-Samuel, into the development and testing phase of the MDAs Naira Payment Solution. According to her, the system underwent successful trials with several MDAs, demonstrating its reliability and alignment with the Bank’s objective of “Excellence in Central Banking Operations.”
Going further, the statement stated that in the the CBN’s financial transaction management, the MDAs Naira Payment Solution is considered a game-changer. With projections that it will cause a 70per cent improvement in payment turnaround time, the solution is poised to further improve Nigeria’s financial ecosystem.